The KABR Group and its joint venture partner, BTF, recently completed the $30 million purchase of the New City Shopping Center, a 125,110-square-foot center in Rockland County.
The retail site is currently 96% leased, but KABR and BTF are planning a comprehensive modernization, with aims of making the center a premier retail destination.
“KABR is thrilled to partner with BTF and acquire a premier grocery-anchored retail location,” Adam Altman, co-founder and managing member at KABR Group, said.
“The access and demographics make this an exceptional location for retailers,” said Ben Malinsky of BTF.
New City Shopping Center is located directly off Route 304. The property also is near other local and regional roadways, including the Palisades Parkway and Interstate 287.
The JLL Capital Markets Investment Sales and Advisory team of Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce represented the seller.
“Investor demand for grocery-anchored retail continues to remain strong as the stability of the current rent roll and future leasing upside provide a good yield with little downside exposure,” Cruz said.